LIC Backed NBFC Stock Declares Final Dividend For FY23: Do You Own?

L&T Finance Holdings is a large cap NBFC company that recorded a market cap of Rs 26,076.88 Cr during Friday's closing session. L&T Finance Holdings Ltd., an established Non-Banking Financial Corporation (NBFC) in India, is headquartered in Mumbai. The company's Board of Directors has issued the final dividend for FY23 for the eligible shareholders.

"Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and other regulations, if applicable, we hereby inform the exchanges that the Board of Directors of the Company at its Meeting held on June 08, 2023 has, inter alia, recommended a final dividend of Rs. 2 per Equity Share (face value Rs. 10 per share) for the financial year 2022-23. The dividend, if approved by the Members at the ensuing Annual General Meeting ("AGM") will be credited / dispatched within 30 days from the date of AGM," said L&T Finance Holdings in a stock exchange filing.

Since July 26, 2013, L&T Finance Holdings Ltd. has issued nine dividends, according to statistics from Trendlyne. L&T Finance Holdings Ltd. announced an equity dividend worth Rs 0.50 per share over the last 1 year. This generates a dividend yild at the current share price of Rs 105.15 of 0.48%.

The firm recorded a 47% increase in net profit for the quarter ended in March 2023 to Rs 501 crore from Rs 342 crore in March 2022 quarter. Net interest income (NII) grew 12.8% to Rs 1740.2 crore against Rs 1542.6 crore in the corresponding period last year. The company's overall revenue from operations for the quarter ended in March was Rs 3,215.96 crore, down from Rs 3,432.49 crore for the quarter ended in December 2022 or Q3FY23.

Nevertheless, it increased from Rs 2,946.78 crore from March 2022 quarter or Q4FY22. The company's total income reached Rs 3,415.53 crore in Q4FY23 compared to Rs 3,491.09 crore in Q3FY23 and 13,301.70 crore in Q4FY22. According to the corporation, its total income from the retail book grew by 87 percent for the year to Rs. 1,384 crore.

On Friday, the shares of L&T Finance Holdings closed at Rs 105.15 apiece on the BSE down by 0.43% from the previous close of Rs 105.60. The stock touched a 52-week-high of Rs 108.30 on (07/06/2023) and a 52-week-low of Rs 66.00 on (20/06/2022). During Q4FY23, the company reported promoters shareholding of 66.11%, FIIs stake of 11.35%, DIIs stake of 6.58% and public stake of 15.96%. As per the shareholding pattern of L&T Finance Holdings for January to March 2023 quarter, insurance giant LIC held 5,33,66,596 fully paid up equity shares or 2.15% stake in the company whereas Icici Prudential Life Insurance Company Limited held 5,05,48,259 shares or 2.04% stake in L&T Finance Holdings.